GE Capital, the finance arm of General Electric (NYSE: GE), recently completed a $500 million Sukuk (Islamic bond) on NASDAQ Dubai, the Middle East’s international exchange. The Sukuk was the first to be issued by a major U.S. company and was sold to investors across the Middle East, Asia and Europe on November 27, 2009.

GE Capital’s five-year, fixed-rate dollar-denominated Sukuk is an Ijara based structure and was issued through GE Capital Sukuk Ltd, a subsidiary of GE Capital. The assets underlying the Sukuk are interests in a portfolio of aircraft and rental payments from the lease of such aircraft.

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